Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698930173918.pdf (New Zealand)
2021/38 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2021 Pursuant to section 159(2)(b) of the Anti-Money Laundering and Countering Finan- cing of Terrorism Act 2009, the Associate Minister of Justice gives the following notice.
1 2 3 4 1 2 3 4 (1) (2) Title Commencement Principal notice Schedule amended Contents Notice Page 1 1 1 1 Title This notice is the Anti-Money Laundering and Countering Financing of Terror- ism (Class Exemptions) Amendment Notice 2021.

Commencement This notice comes into force on 15 March 2021.

Principal notice This notice amends the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2018 (the principal notice).
Schedule amended In the Schedule, Part 5, clause 2, definition of licensed managing intermedi- ary, paragraph (c), replace “a person” with “a person, other than a financial advice provider,”.
In the Schedule, Part 5, clause 2, definition of licensed managing intermedi- ary, after paragraph (c), insert: (ca) a financial advice provider who— 1 cl 4 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2021 2021/38 (i) (ii) holds, or is authorised to provide services under, a licence under Part 6 of the Financial Markets Conduct Act 2013; and is a reporting entity under regulation 16 of the Anti-Money Laun- dering and Countering Financing of Terrorism (Definitions) Regu- lations 2011: (3) In the Schedule, Part 5, clause 2, insert in its appropriate alphabetical order: financial advice provider has the same meaning as in section 6 of the Finan- cial Markets Conduct Act 2013 (4) In the Schedule, Part 5, after clause 2, insert: 2A If a customer of a reporting entity is a licensed managing intermediary that is exempt from any of sections 10 to 71 of the Act, this exemption does not apply to the reporting entity to the extent of that exemption.
(5) (6) (7) In the Schedule, Part 8, heading, replace “Financial advisers” with “Financial advice providers”.

In the Schedule, Part 8, clause 1, replace “financial advisers” with “financial advice providers”.

In the Schedule, Part 8, clause 2, revoke the definitions of DIMS licensee, financial adviser, financial adviser service, financial product, and invest- ment-linked contract of insurance.
(8) In the Schedule, Part 8, clause 2, insert in their appropriate alphabetical order: financial advice provider has the same meaning as in section 6 of the Finan- cial Markets Conduct Act 2013 relevant product has the same meaning as in regulation 16(5) of the Anti- Money Laundering and Countering Financing of Terrorism (Definitions) Regu- lations 2011 In the Schedule, Part 8, replace clause 3 with: If a financial advice provider arranges for a reporting entity to provide a rele- vant service in respect of any relevant product (other than a managed invest- ment product that is an interest in a retirement scheme), then this exemption does not apply to that financial advice provider.
(9) 3 (10) In the Schedule, Part 8, clause 4,— (a) (b) (c) (d) in paragraph (a), replace “financial adviser” with “financial advice pro- vider”: in paragraph (b), replace “financial adviser” with “financial advice pro- vider”: in paragraph (b)(i), replace “financial adviser” with “financial advice provider”: in paragraph (b)(ii), replace “financial adviser” with “financial advice provider” in each place: 2 2021/38 Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Amendment Notice 2021 Explanatory note (e) in paragraph (b)(iv), replace “financial adviser” with “financial advice provider”.
(11) In the Schedule, Part 8, clause 5,— (a) (b) in paragraph (a), replace “financial advisers” with “financial advice pro- viders”: in paragraph (c), replace “financial advisers” with “financial advice pro- viders”.

Dated at Wellington this 9th day of March 2021.

Hon Aupito William Sio, Associate Minister of Justice.

Explanatory note This note is not part of the notice, but is intended to indicate its general effect.
This notice, which comes into force on 15 March 2021, amends the Anti-Money Laundering and Countering Financing of Terrorism (Class Exemptions) Notice 2018 (the principal notice).
The amendments are to Parts 5 and 8 of the Schedule, which relate to the class exemptions for reporting entities whose customers are licensed managing intermediaries and financial advice providers arranging for relevant ser- vices to be provided for retirement schemes, and reflect the commencement of certain provisions of the Financial Services Legislation Amendment Act 2019.

The new pro- visions update terminology.

Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 11 March 2021.

This notice is administered by the Ministry of Justice.

Wellington, New Zealand: Published under the authority of the New Zealand Government—2021 3